Caribou Coffee Co. posted a solid first quarter Thursday, as its sales increased at a stronger than expected rate.
The Brooklyn Center-based speciality coffeehouse chain posted profits of $1 million or 5 cents per share, compared with $300,000 or 2 cents per share during the same time last year. Those results met analysts' expectations.
The company's quarterly sales of $67 million exceeded the $64.6 million anticipated by analysts. And comparable coffeehouse sales, a measure of sales at stores open at least 12 months, were up 5.2 percent.
Sales trends were also strong in its two smaller segments. Caribou's commercial sales to grocery stores, food-service providers and other commercial accounts hit $9 million, up 58 percent from last year's first quarter.
Meanwhile, franchise sales were $2.5 million, up 36 percent. Caribou has 413 company-owned coffeehouses and 123 franchised and licensed locations.
Caribou's earnings were released after the market closed Thursday. In after-hours trading, the stock was up 6 cents at $8.21. After-hours trading is often an indicator of a stock's opening price the following day.
MIKE HUGHLETT
